IBT Staff Reporter

Today's Twitters are often tomorrow's quitters, according to data that questions the long-term success of the latest social networking sensation used by celebrities from Oprah Winfrey to Britney Spears.

Bank of America Corp's embattled CEO, Kenneth Lewis, may have to give up the post of chairman as shareholders hold a referendum on his eight-year tenure as head of the largest U.S. bank.

Oil prices climbed toward $51 per barrel on Wednesday, supported by rising stock markets and after the Energy Information Administration reported a big draw in U.S. gasoline inventories.

Microsoft formally responded to the European Commission late Tuesday on concerns of bundling its web browser Internet Explorer with Windows operating systems.

Stocks extended gains on Wednesday on better-than-expected earnings and government data that suggested companies may start to rebuild inventories, even as the economy shrank more than expected in the first quarter.

UMC, the world's No.2 contract chip maker, said on Wednesday it would spend $285 million buying China-based chipmaker Hejian to tap robust demand on the mainland, which it expects to help return it to profit after three quarters in the red.

San Miguel Corp is in talks to buy a stake worth about $500 million in Adaro Energy, Indonesia's largest coal producer by market value, the Philippine conglomerate's president said on Wednesday.

The U.S. economy contracted at a steeper-than-expected pace in the first quarter, weighed down by sharp declines in exports and business inventories, according government data on Wednesday that showed the economy was still deep in recession.

Today's Twitters are often tomorrow's quitters, according to data that questions the long-term success of the latest social networking sensation used by celebrities from Oprah Winfrey to Britney Spears.

The Canadian government plans new regulations that will effectively phase out traditional coal-fired power stations, Environment Minister Jim Prentice said in an interview published on Wednesday.

Chrysler continues to make progress in its efforts to complete a proposed alliance with Fiat SpA and qualify for additional government loans, Chrysler Chief Executive Bob Nardelli said on Wednesday.

Pepsi bottler PepsiAmericas Inc, which recently received a buyout offer from the beverage giant, posted a 12 percent fall in profit that still beat Wall Street estimates as strong pricing, cost cuts and growing sales in the United States offset volume declines.

Oil prices climbed above $50 per barrel on Wednesday, supported by rising stock markets and expectations the U.S. economic slowdown may be less brutal than initially thought.

Germany's Volkswagen and Continental made the best out of a terrible first quarter for the global auto industry, hoarding their cash as they hope for an improvement in the months ahead.

U.S. real-estate investment trusts (REITs) enjoy strong investor support, despite the slump in U.S. property markets, because they have moved aggressively to repair their balance sheets, ING Real Estate said on Wednesday.

Burger King Holdings reported a higher quarterly profit as a lower tax rate and cost controls helped offset March weakness at its company-operated restaurants.

Goodyear Tire & Rubber Co posted a narrower-than-expected quarterly loss on Wednesday as it accelerated cost cuts and reduced inventory in response to a deep economic downturn, sending its shares up nearly 12 percent.

With some hints the U.S. economy's deep swoon is easing, Federal Reserve policy-makers are expected to hold off on new measures to flood the economy with money when they conclude a two-day meeting on Wednesday.

Time Warner Inc posted a stronger-than-expected quarterly profit, as a rise in cable networks revenue helped offset declines in advertising sales at its AOL Internet and Time Inc publishing units.

The foreign ministers of Britain and France urged Sri Lanka on Wednesday to implement a humanitarian ceasefire with Tamil Tiger rebels in order to allow tens of thousands of trapped civilians to escape the battle zone.

United Nations peacekeepers are supporting a Congolese army offensive in which a warlord wanted by the International Criminal Court (ICC) is playing a prominent role, Congolese army documents showed on Wednesday.

Germany confirmed its first three cases of swine flu on Wednesday, marking the arrival of the virus in the heart of continental Europe.

U.S. President Barack Obama was elected on a campaign pledge of sweeping change in U.S. policies at home and abroad. Following is a rundown of major promises and how he has fared on each in his first 100 days.

Barely 100 days in office, President Barack Obama is facing his first domestic emergency with the outbreak of swine flu and is seeing yet again how fresh challenges can erupt from the unlikeliest of places.

Pakistani troops took the main town in strategically important Buner Valley on Wednesday after dropping by helicopter behind Taliban lines, killing over 50 militants in two days of fighting, the military said.

China must swiftly decouple its rapid economic growth from rising carbon dioxide emissions for global greenhouse gas levels to stay manageable, the authors of a new study said, urging sweeping support to help that transition.

A 23-month-old child in Texas has died from the new H1N1 swine flu, becoming the first U.S. death from the virus, a U.S. Centers for Disease Control and Prevention official said on Wednesday.

The U.S. economy contracted at a surprisingly sharp 6.1 percent rate in the first quarter as exports and business inventories plummeted.

Wall Street was poised for a higher open on Wednesday, even as data showed the U.S. economy shrank at a steeper pace than expected.